FirstEnergy Corp. (NYSE:FE) Shares Sold by Meridian Wealth Management LLC

Meridian Wealth Management LLC trimmed its position in FirstEnergy Corp. (NYSE:FE - Free Report) by 47.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 88,859 shares of the utilities provider's stock after selling 79,173 shares during the quarter. Meridian Wealth Management LLC's holdings in FirstEnergy were worth $3,258,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of FE. Duality Advisers LP bought a new stake in shares of FirstEnergy in the fourth quarter valued at approximately $1,644,000. Citigroup Inc. increased its holdings in shares of FirstEnergy by 27.3% during the 3rd quarter. Citigroup Inc. now owns 1,018,422 shares of the utilities provider's stock worth $34,810,000 after purchasing an additional 218,439 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its position in shares of FirstEnergy by 7.6% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 12,231 shares of the utilities provider's stock valued at $418,000 after buying an additional 866 shares during the last quarter. Comerica Bank lifted its stake in shares of FirstEnergy by 11,260.9% in the third quarter. Comerica Bank now owns 137,581 shares of the utilities provider's stock valued at $4,703,000 after buying an additional 136,370 shares during the period. Finally, Heartland Advisors Inc. grew its position in FirstEnergy by 27.0% during the fourth quarter. Heartland Advisors Inc. now owns 483,806 shares of the utilities provider's stock worth $17,736,000 after buying an additional 102,792 shares in the last quarter. 89.41% of the stock is currently owned by institutional investors and hedge funds.

FirstEnergy Stock Down 0.4 %

FirstEnergy stock traded down $0.18 during midday trading on Friday, hitting $40.04. 2,516,414 shares of the stock were exchanged, compared to its average volume of 2,713,542. FirstEnergy Corp. has a 52-week low of $32.18 and a 52-week high of $40.65. The business's 50-day moving average price is $38.50 and its 200-day moving average price is $37.52. The company has a quick ratio of 0.56, a current ratio of 0.65 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $23.04 billion, a price-to-earnings ratio of 23.01 and a beta of 0.48.

FirstEnergy (NYSE:FE - Get Free Report) last issued its quarterly earnings results on Thursday, April 25th. The utilities provider reported $0.55 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.02. FirstEnergy had a return on equity of 12.45% and a net margin of 8.22%. The firm had revenue of $3.29 billion for the quarter, compared to analysts' expectations of $3.36 billion. On average, research analysts expect that FirstEnergy Corp. will post 2.68 EPS for the current fiscal year.

FirstEnergy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Tuesday, May 7th will be paid a dividend of $0.425 per share. The ex-dividend date of this dividend is Monday, May 6th. This represents a $1.70 annualized dividend and a yield of 4.25%. This is a positive change from FirstEnergy's previous quarterly dividend of $0.41. FirstEnergy's payout ratio is 97.70%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. The Goldman Sachs Group began coverage on FirstEnergy in a research report on Wednesday, April 10th. They issued a "buy" rating and a $45.00 price objective for the company. StockNews.com raised shares of FirstEnergy from a "sell" rating to a "hold" rating in a report on Monday, April 29th. Scotiabank cut their price target on shares of FirstEnergy from $41.00 to $40.00 and set a "sector perform" rating for the company in a report on Monday, April 22nd. Finally, Bank of America boosted their price objective on FirstEnergy from $30.00 to $35.00 and gave the stock an "underperform" rating in a research note on Tuesday, April 23rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $39.80.

FirstEnergy Company Profile

FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. It operates through Regulated Distribution and Regulated Transmission segments. The company owns and operates coal-fired, nuclear, hydroelectric, wind, and solar power generating facilities.